Feasibility study for south african and pan-african sovereign wealth funds (g20 legacy)

Compulsory Briefing Session: 8 September 2026 at 13:00 (Johannesburg time) via Microsoft Teams (link provided in tender). Attendance is mandatory; register must be signed.

Clarification Request Deadline: 18 September 2026 at 16:30 (Johannesburg time). Requests must be emailed to [email protected] with RFP number in subject line.

OneDrive Link Request Deadline: 17 September 2026 at 23:55 (Telkom Time).

Bid Closing Date: 23 September 2026.

Bid Closing Time: 23:55 (Telkom Time).

Bid Validity Period: 120 calendar days from closing time. Extensions may be requested; refusal to extend excludes the bidder.

All enquiries and clarification requests must be directed in writing to the DBSA Supply Chain Management Unit via email: [email protected]. No telephonic queries will be answered. Complaints about the tendering process must be emailed to [email protected]. For complaints involving DBSA staff conduct, address written complaint to the Chief Executive Officer, DBSA, at the physical address notified by DBSA.

Submission method: electronic only via OneDrive link. Bidders must request the link by emailing [email protected] with the RFP number in the subject line, at least three working days before the closing date. No physical, faxed, or emailed bids will be accepted. The OneDrive link request must be submitted by 23:55 on 17 September 2026 (Telkom Time). Final bid submission deadline: 23 September 2026 at 23:55 (Telkom Time). Late bids will not be accepted unless the bidder can prove the delay was caused by DBSA. Bids must be submitted in two separate folders: Folder 1 – Pre-Qualifying Criteria and Functional Evaluation (returnable documents); Folder 2 – Price/Financial Proposal. All returnable forms must be completed, signed, and submitted in the prescribed sequence. Failure to include any compulsory document may result in disqualification.

Three-stage evaluation:

Stage 1 – Administrative Responsiveness (Pre-Qualifying Criteria): All criteria are mandatory pass/fail. Failure on any criterion results in immediate disqualification. Criteria: (1) Two-folder submission format; (2) Attendance at compulsory briefing session (register signed); (3) Response to clarification requests within 48 hours; (4) Returnable documents completed and signed within 48 hours; (5) CSD registration summary report submitted within 7 working days; (6) Valid SARS Tax Compliance Status PIN submitted within 7 working days. Each consortium/JV party must submit separate tax compliance proof.

Stage 2 – Functional/Technical Evaluation (100 points): Minimum threshold 70 points to proceed. Weighting: Qualifications & Skills of Key Personnel 60% (Qualifications 30%, Skills & Experience 40%); Company Experience 10% (minimum 2/5 points required, else not evaluated further); Reference Letters 10% (minimum 2/5 points required, else not evaluated further); Planning/Methodology & Approach 20% (minimum 15/20 points required). Key personnel roles: Lead Advisor, Sovereign Wealth Fund & Development Finance Expert, Financial Modeller/Structuring, Economist, Legal & Regulatory Expert, PPP Finance Expert. Non-SA degrees require SAQA equivalence. CVs must detail professional timeline, roles, and relevant project evidence.

Stage 3 – Price and Preference Points: Evaluated per PPPFA 2022 Regulations (80/20 or 90/10 system). B-BBEE status level certificate or sworn affidavit required to claim preference points.

Scope: Feasibility study for the establishment of the South African Sovereign Wealth Fund (SASWF) and the Pan-African Wealth Fund (PAWF) as strategic development finance institutions and G20 legacy initiatives. The study must address: institutional design, governance frameworks, capitalisation strategies, investment mandates, risk management, legal and regulatory enabling frameworks, stakeholder engagement strategy, blended finance structures, regional integration alignment (AfCFTA, Agenda 2063, SDGs), climate finance and energy transition financing, strategic mineral beneficiation, infrastructure financing, fiscal stabilisation mechanisms, and development finance coordination. The assignment builds on two strategic research papers: "Towards a South African Sovereign Wealth Fund: G20 Social Legacy Project" and "Towards a Pan-African Wealth Fund – G20 Social Legacy Project". Deliverables: Comprehensive feasibility study reports for both funds, including proposed research design, implementation approach, stakeholder engagement strategy, governance arrangements, workplan with timelines, quality assurance measures, risk mitigation strategies, and reporting framework. The service provider must demonstrate organisational capability and capacity to undertake multidisciplinary assignments of similar scale and complexity, with at least 5 years' experience and a track record of completed projects in sovereign wealth funds, development finance, infrastructure finance, public finance, or institutional investment.

Methodology and Approach (20% of functional score, minimum 15/20 required): Bidder must demonstrate clear understanding of the Terms of Reference and provide a comprehensive methodology covering: (1) proposed research design; (2) implementation approach; (3) stakeholder engagement strategy; (4) governance arrangements; (5) workplan and timelines; (6) quality assurance measures; (7) risk mitigation strategies; (8) reporting framework for successful execution. Scoring: Excellent (all 8 elements addressed) = 20 points; Good (7-8 elements) = 15 points; Fair (5-6 elements) = 10 points; Insufficient (0-4 elements) = 0 points. Contract period (start and end dates) must be stipulated.

Key Personnel (60% of functional score): Six roles required with specific qualifications and experience:

• Lead Advisor: Doctorate (NQF 10) = 5 pts, Masters (NQF 9) = 3 pts, Honours (NQF 8) = 1 pt. Experience: 20+ years = 15 pts, 16-19 = 7 pts, 10-15 = 5 pts, 0-9 = 0 pts. Must demonstrate integrated strategic, technical, institutional leadership in SWF design/establishment/operationalisation, governance, risk management, institutional design, market development, investment structuring, capital mobilisation, stakeholder engagement across government, financial institutions, international partners.
• Sovereign Wealth Fund & Development Finance Expert: Masters+ (NQF 9+) = 5 pts, Honours (NQF 8) = 4 pts, Bachelor's (NQF 7) = 3 pts. Experience: 12+ years = 5 pts, 9-11 = 4 pts, 5-8 = 3 pts, 0-4 = 0 pts. Proven experience in SWFs, development finance, public finance, infrastructure finance, climate finance, institutional investment, economic policy, African regional integration, DFIs, public investment frameworks.
• Financial Modeller/Structuring: Masters+ (NQF 9+) = 5 pts, Honours (NQF 8) = 4 pts, Bachelor's (NQF 7) = 3 pts. Experience: 15+ years = 5 pts, 10-14 = 4 pts, 5-9 = 3 pts, 0-4 = 0 pts. Relevant experience in structuring funding models, cash flow statements, risk analysis/allocation, forecasting.
• Economist: Masters+ (NQF 9+) = 5 pts, Honours (NQF 8) = 4 pts, Bachelor's (NQF 7) = 3 pts. Experience: 10+ years = 5 pts, 5-9 = 4 pts, 3-4 = 3 pts, 0-2 = 0 pts. Macroeconomic analysis, fiscal policy, public finance, aligning SWF structures with national economic objectives, development economics, infrastructure financing, industrial policy, capitalisation strategies, asset allocation, risk-return trade-offs.
• Legal & Regulatory Expert: LLB, admitted attorney (SA Law Society). Masters+ (NQF 9+) = 5 pts, Honours (NQF 8) = 4 pts, Bachelor's (NQF 7) = 3 pts, <Bachelor's = 1 pt. Experience: 10+ years = 5 pts, 5-9 = 4 pts, 3-4 = 3 pts, 0-2 = 0 pts. Supporting establishment/reform of SWFs, public investment entities; drafting enabling legislation, regulatory frameworks, governance charters; investment law, corporate governance, fiduciary frameworks; structuring investment vehicles, cross-border transactions, PPPs.
• PPP Finance Expert: Masters+ (NQF 9+) = 5 pts, Honours (NQF 8) = 4 pts, Bachelor's (NQF 7) = 3 pts, <Bachelor's = 1 pt. Experience: 20+ years = 5 pts, 16-19 = 4 pts, 10-15 = 3 pts, 0-9 = 0 pts. Structuring/financing PPPs in infrastructure (energy, transport, digital); project finance, risk allocation, concession design, blended finance; developing bankable pipelines aligned to SWF strategies; catalyst investor role to de-risk and crowd in private capital.

Company Experience (10%): Minimum 2/5 points required. Excellent (5 criteria met, 5+ years) = 5 pts; Good (4 criteria, 5+ years) = 4 pts; Fair (3 criteria, 5+ years) = 2 pts; Insufficient (<3 criteria or <5 years) = 0 pts. Criteria: organisational capability/capacity for similar scale/complexity; company profile; organisational structure; list of completed projects.

Reference Letters (10%): Minimum 2/5 points required. 5+ letters = 5 pts; 3-4 = 4 pts; 2 = 2 pts; 0-1 = 0 pts. Letters must be from clients (not individuals) for work in last 5 years, meeting all TOR requirements. Non-SA degrees require SAQA equivalence. CVs must detail professional timeline, roles, and evidence of previous assignments (client references, project summaries, reports, contracts) in SWFs, infrastructure finance, development finance, public finance, institutional investment.

DBSA makes no warranties on RFP accuracy, completeness, or currency. Bidders must promptly notify DBSA in writing of any discrepancy, ambiguity, error, or inconsistency (excluding minor clerical matters). DBSA will correct and circulate corrections to all bidders without attribution. Bidders must ensure bids are accurate and complete. Illegible content may be disregarded. Unintentional errors may be corrected post-closing only if they do not materially alter the bid substance or affect fairness. Bidders must notify DBSA of any post-submission errors in their response (including pricing errors, excluding clerical errors). Quality assurance measures are a scored criterion in the methodology evaluation (20% weighting).

Pricing proposal must be submitted in Folder 2 (separate from functional proposal). No prescribed pricing format, rate structure, or bill of quantities detailed in the extracted text. Bidders must notify DBSA promptly of any pricing errors discovered after submission (clerical errors excluded). No information on payment schedules, milestones, or retention.

Pricing proposal must be submitted separately in Folder 2. No specific pricing format (firm rates, schedule of rates, bill of quantities) is prescribed in the extracted text. Bidders must notify DBSA promptly of any pricing errors discovered after submission (clerical errors excluded). No mention of bid bonds, performance guarantees, advance payment guarantees, or insurance requirements in the provided text. Payment terms not specified. Financial capacity/turnover thresholds not stated.

Mandatory compliance documents:

• CSD Registration: South African bidders must be registered on the Central Supplier Database (CSD) and provide a CSD Summary Report (within 7 working days if requested). If not registered, mandatory information (business registration, directorship/membership/identity numbers, tax compliance status) must be submitted with the bid.
• Tax Compliance: South African bidders must submit a valid SARS Tax Compliance Status (TCS) PIN or printed TCS certificate (within 7 working days if requested). Each party in a consortium/JV/sub-contractor arrangement must submit separate proof.
• B-BBEE: B-BBEE status level verification certificate (original or certified copy) or sworn affidavit must be submitted. EMEs (annual revenue ≤ R10 million) require a certificate from an independent registered auditor or accredited verification agency. Non-EMEs require a valid B-BBEE certificate or sworn affidavit per National Treasury guidelines.
• Company Registration: Certified copies of CIPC registration documents listing all members with percentages (for close corporations) or latest share certificates (for companies).
• Authority to Sign: Proof of authority to sign the bid (e.g., board resolution) must be attached.
• Returnable Forms (Annexures): SBD 4 (Declaration of Interest); SBD 6.1 (Preference Points Claim) with B-BBEE certificate; Annexure H (consortium fee/work breakdown, if applicable); Annexure I (supporting documents for pre-qualifying and functional criteria); General Conditions of Contract; CSD Tax Compliance Status and Registration Requirements Report.
• Foreign bidders without RSA residency, branch, permanent establishment, or source of income are exempt from SA tax compliance requirements but must complete the foreign supplier questionnaire.

Contract will be governed by the General Conditions of Contract (GCC) and any Special Conditions of Contract in Part C. Bid validity: 120 calendar days from closing time, extendable by mutual written agreement. No binding contract exists until DBSA executes a formal written contract with the successful bidder. Bids must not be conditional on board approval, due diligence, regulatory approvals, third-party consents, or negotiation of commercial terms – such conditional bids may be disregarded. DBSA reserves the right to accept a bid in whole or in part, and to negotiate with a bidder. Intellectual property in bids remains with the bidder, but DBSA is licensed to reproduce bids for evaluation. Confidentiality: all bid information must be kept confidential and used only for proposal development. DBSA may disclose bid contents as required by law, for investigations, to external consultants, or per National Treasury regulations. Bidders warrant they did not rely on representations outside the RFP, did not use improper assistance, accept all RFP terms, and will provide additional information timely. DBSA not liable for bid preparation costs. Late bids disqualified unless caused by DBSA. DBSA may correct RFP errors and issue addenda before closing. Anti-corruption and anti-collusion provisions apply; violations lead to immediate disqualification. Conflict of interest must be disclosed; failure to notify disqualifies the bidder. Complaints must be submitted in writing immediately to SCM ([email protected]) or CEO for staff conduct issues.

See main evaluationCriteria section for full three-stage evaluation details. Additional note: Bidders must achieve a minimum of 15/20 points in the Methodology section and minimum 2/5 points in both Company Experience and Reference Letters categories, or they will not be evaluated further regardless of total score.